RMR and portneys are a horrible outside manager. With this deal they have just locked us into a20 year deal. At least before, there was a chance that we could get away from RMR, now there is little chance. So the market is speaking, rmr sucks and SNH will be with RMR , so sell now or take #$%$ management for 20 years.
One more convoluted move to entrench themselves for another 20 years. Portney retained 10X voting rights on shares of RMR retained.. so effectively they still control RMR. Nothing changed.. but now if SNH, or SIR or Gov or .. wants to get rid of them or if hedge fund wants to get rid of them.. they harm themselves. So, we are stuck with portney for long haul. These stocks are only trading at a price that one says is tolerable with the stink from Portney.. yes, a little better yield but no real growth.. and rate of overall returns have been lower than comparable reit market.. not a good deal overall.,.. but what did you expect from a Portney.